EN
The purpose of this article is to evaluate company's operational efficiency as related with its intangible resources. The VAIC(TM) Method is used and the analysis is centered around the firm's capital and structural capital. The analysis is focusing on two Polish telecommunication companies - Telekomunikacja Polska SA and Netia SA and the results are benchmarked with similar companies in Europe. The article is pointing toward some flaws and shortcoming in the VAIC(TM) Method and is discussing its possible application to a broader analysis of organizational intangible and tangible assets.